Sallie Mae Offering High-Interest CDs

If you have spent any time in college at all, you probably recognize the name “Sallie Mae” as a leader in student loans. But the name is starting to enter into the online banking industry. Sallie Mae is now offering CDs offering high interest rates as well as high yield savings accounts for customers. The accounts are FDIC insured and, according to Sallie Mae, the rates they are offering are about five times greater than the national average.

One of the nice things about the new online savings accounts that Sallie Mae is offering is that there are no minimum balances and no monthly fees. Many banks are offering these features lately so it is only fitting that Sallie Mae does the same thing in order to compete with other online banking companies. Here are some other features you can expect from Sallie Mae’s venture into the online banking industry:

• Compounded daily interest
• 1.35% APY
• Matching up to 10% on Upromise earnings

If you choose to get a CD account online with Sallie Mae, here are some of the features you can expect from that:
• FDIC Insured
• No monthly fees
• Undisclosed minimum deposit (contact Sallie Mae for more details)
• 1.50% APY on 12-month CDs
• 2.20% APY on 36-month CDs
• 3.00% APY on 60-month CDs

If you can get past getting the chills and shivers from the memories of dealing with Sallie Mae over your student loans, the company’s online ventures sound decent. Check it out by opening an account today!